Gotta say, no great loss. It was nothing but a gateway product. Some could argue so is GarageBand. But at least with GarageBand, you can store projects locally, use third-party plugins (as well as the thousands of presets and loops already included for free), you have more or less unlimited tracks (unless you think 256 is a limit), and you can save more than four projects.
On the flip side, $9.99 a month is arguably not a bad price to rent ProTools Artist, were it not for the fact that a one-time purchase of Logic Pro for $200 absolutely crushes it. Stereo only (no surround or Atmos). No video support, so you can't even pull a video file into it to edit the audio! Even GarageBand can do that. Plus there is a 32-track limit on any track type. EDIT Though it comes with Melodyne Essentials so that's the rapping-community sorted...